Biden Calls For Quiz On U.S. Steel Sale To Nippon Steel

President Joe Biden believes that the planned acquisition of US Steel by Japan’s Nippon Steel deserves "serious scrutiny," according to the White House, as reported by Zeke Miller and Fatima Hussein for the Associated Press (AP).

Under the terms of the approximately $14.1 billion all-cash deal announced on Monday, US Steel will retain its name and headquarters in Pittsburgh, becoming a subsidiary of Nippon. I Photo: Nippon Steel Corp.

The statement followed days of silence on a transaction that has raised concerns from the steelworkers’ union.

Lael Brainard, the director of the National Economic Council (NEC), indicated that the deal would be reviewed by the Committee on Foreign Investment in the US, a secretive body that includes representatives from economic and national security agencies to investigate national security risks from foreign investments in American firms.

Brainard stated, “This looks like the type of transaction that the interagency Committee on Foreign Investment Congress empowered and the Biden administration strengthened is set up to carefully investigate."

Under the terms of the approximately $14.1 billion all-cash deal announced on Monday, US Steel will retain its name and headquarters in Pittsburgh, becoming a subsidiary of Nippon.

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